Tuesday, August 31, 2010

Upcoming and Newly Listed Properties

Here are some of the new listings just on the market or coming right up. For more information on any of these properties just call Michael at 760-408-5300

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Saturday, August 28, 2010

States Try To Ban Employer Credit Check

There has been debate, at least on the state level that employers shouldn't be able to discriminate against a potential employee with bad credit.  Several states are proposing legislation to actually ban employers from checking most potential new hires credit.

This brings up an interesting debate.  Should someone who has pressing credit and financial problems be working say, in a casino accounting job or a bank?  Or how about the person who just had an honest run of bad luck in these tough economic times and got behind on some bills or had to short sale their home?

As we work our way though any kind of economic recovery I have to wonder what will happen to the established credit scoring system.  It has been reported that some 28% of the people in the country are in some sort of distressed situation with their homes.  All of that has to have a devastating effect on the crucial credit score. Which leads me to ask how can we really have a full economic recovery without some sort of change to this system?  How can we really recover of a quarter of the population is shut out of not only lending (cars, homes, school loans?)  but perhaps even jobs.  Read more in the link below to the Associated press story as published in the Houston Chronicle.

States may ban credit checks on job applicants....some lawmakers believe the measures are a trap for people trying to get out of debt.
By KATHLEEN MILLER Associated Press

Dual Master Suites / Newer Construction

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Cimarron Cove in Cathedral City Ca. This great New Listing has everything you want at a price you won't believe. Gated community, newer construction 2 master suites. Balcony, in ground spa, slab granite, lighting upgrades. Prepare to be spoiled.

See more about 67868 Via Estrella Cathedral City CA

Thursday, August 26, 2010

Foreclosure, Foreclosed, Foreclose…..Now Lets Conjugate “short sale”!

Short sales, REO’s, Foreclosures, Auctions and…….


It is a little confusing out there these days for the lay person who does not know all the “new” vocabulary in real estate.  It might seem like word soup or you might think you are back in foreign language class conjugating verbs. Actually, most of this vocabulary is not really new but so much of

it was never or hardly used in the last ten years. Well it is back now and it helps to understand what you are looking at.

Here is a quick guide for you:

Short Sale: This happens when the owner wishes to sell their home for less than the amount that the bank is owed. Everything happens just like a normal sale right up until a buyer submits an offer. Then there is a process of getting the lender to accept the deficiency or shortage between what they are owed and what they will actually receive. This process can take up to 120 days and usually the seller will remain in the home until it is finished.

REO: This stands for Real Estate Owned by Lender. This is the status of a property after the full foreclosure happens and the bank has physically taken the property back. Realtors will often use this term and you may see it in advertising though the term bank owned is much more common.

Foreclosure: The process by which the bank takes back a house after the payments have not been made as agreed. In our market here the process usually starts after 3 months of no payments. Confusion comes about when people talk about properties being “in foreclosure” a home can be in that state for many months before it is actually foreclosed and thus bank or investor owned.

Auctions: Confusion with this word usually centers around the auctions you see advertised at hotel ballrooms and convention centers vs the auction that takes place on the courthouse steps as the final phase of the banks foreclosure on a property. The first type of auction is usually investors or banks who have grouped a bunch of properties together and are trying to move them as quickly as possible. The courthouse steps type of auction is reserved for the properties that are in that very last phase of the foreclosure process.

Wednesday, August 11, 2010

Real Estate Flippers Become Landlords

In the market today serious real estate investors are changing their strategies and many are buying real estate as a longer term investment. More flippers are moving into the rental market for the foreseeable future. This great article from CNN/Money is very accurate and I thought you would enjoy seeing it.



NEW YORK (CNNMoney.com) -- These are the glory days of the residential real estate investor. Low prices, rock-bottom interest rates and stable rental markets have created huge buying opportunities.

"It's awesome right now. I don't think we'll ever see another time like this," said Tanya Marchiol of Team Investments, which has operations in about 10 states but focuses mostly on the Phoenix market.


Read More at CNN MOney

Sunday, August 8, 2010

Big Horn Country Club Home For Sale

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360 Metate Place Palm Desert

Amazing home with mega views in Big Horn Country Club. 4 Beds 4.5 Baths and over 5,700 square feet. Overlooks the 16th fairway of the Mountain Course. Private pool spa and amazing outdoor entertaining areas. This home is Furnished per inventory and value range priced between $3,000,000 and $3,700,000.

Friday, August 6, 2010

This Month In Real Estate Aug 2010





Wednesday, August 4, 2010

Sales Statistics

Looking Toward The Sun

July Sales Statistics are in and they are impressive. In the 7 major cities of the Coachella Valley 714 homes and condos sold and another 865 went into escrow! While both of these numbers were just a little lower than the June numbers they are very respectable for our "off season" in the valley. Prices seem to be firming up just a little bit strengthened by steadily dropping inventory levels. Currently this is 21% drop in year to year supply of inventory and a 44% increase in sales.

Palm Springs Market Stats

Palm Desert Market Stats

If you have questions about the market or sales trending up or down feel free to call us. Real Estate is always local and conditions can change based on many variables.

Just Sold 425 Via Milano



This beautiful home in the Campanile development in Cathedral City just sold. Listed at $329,000 it sold over asking price at $340,000 with multiple offers.

Who says you can't sell your home in this market?

Priced right, marketed properly you can sell a home in this market. Call us today and let us show you how we can help you.

Call or text: 760-408-5300

Visit us on the web at :


Home Ownership Questions Answered

Questions about Home Ownership?


Fannie Mae has rolled out a pretty nice website that covers a wealth of information for the public. Know your options is probably overwhelming for the lay person. However, with a little guidance there is some great information here.

The site covers information on loan modification, foreclosure and short sales. Best of all no one is trying to sell you anything. It is pure information.

As always, we are happy to help with your questions about any of these subjects. Just contact us at www.PSagent.com  or 760-408-5300.

However, it is nice to have this resource as a back up.

 

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